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pill. a big hit to government spending but a sharp improvement in the deficit to gdp ratio. we do not have to swallow the pill again in 2014. we have reset government spending out lower levels. we did not have to do it all over again. makes for pretty easy comparison year-over-year when you compare 2014 to 2013. sex we are running less of a deficit. that is good news. what if you drill down and talk thet individuals? >> it is verge because of the wealth effect. rising. have been consumers are at the upper end of the spectrum and have been really getting the benefit of higher net worth. here is net worth as a percent of disposable income. we have seen very sharp improvement that is driving the spending we are seeing in the economy. >> in other words, the total net worth is 600% of what you make. if you make 100,000, you are worth 600,000? >> exactly. s&p is up. equities are up. general home price valuations are up. we have been covering a lot of the lost wealth. five years after the financial crisis, we have recovered a lot of the wealth. the dominant theme for spending in 2014. >>
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